newt’s view on green energy

10/29/12
In his Iowa caucus victory speech Obama promised he’d be the president “who harnesses the ingenuity of farmers, scientists and entrepreneurs to free this nation form the tyranny of once and for all.”
One of his acts was to throw $90 billion at green energy companies as part of the stimulus. The treasury got $9 billion to give away for green projects. And the DOL got $500 million to administer green jobs.
The Washington examiner reported a senior energy official helping to oversee the departments loan program made a remarkable confession in an email to colleagues—Jim McCea—“I really cannot fathom how one figures out whether a loan to a PV (photovoltacic (solar) manufacturer is being made to one that will survive. Everything about the business argues for the failure of many if not most of the suppliers….all in all in the solar field, I think it is extremely easy to pick losers and I really do not know how to pick winners.”
More than 80% of the DOE guarantees were for solar. Even the people charged with running it recognized these companies were very likely to fail. 22 out of 26 companies that got DOE loans had “JUNK” ratings at the time of the loans.
$500 million “green jobs” training boondoggle—-the DOL inspector general issued a report on the departments $500 million green jobs training program—-he found the program had been an abysmal failure, successfully placing just 11,000 people in permanent jobs (16% of the goal). The training was superficial—20% of the programs were just one day long and half were less than five days long. More than half of those trained already had jobs and according to the IG’s “we found no evidence that they needed green job training.”
DOL. IG found that many of the grants for green jobs training went to political allies of the Obama administration—like the $1.5 million to LaRaza, which successfully placed zero people impermanent jobs. BlueGreen Alliance (the largest labor unions and environmental groups), which got $3 million but got employment for only 230 people.
The DOL inspector general said there was “no evidence” the programs financed would “effectively use the funds and deliver…employment outcomes.
The presidents imaginary green jogs haven’t materialized. Green energy is still at the heart of president Obama’s hollow second term agenda.

Source—newt

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